Toscelik, part of Tosyali Holding, bought the Niksic-based mill after four previous auctions failed, Montenegro’s Economy Minister Vladimir Kavaric said in a statement on the government’s website today. Zeljezara’s court-appointed receivership administration set the asking price at 15 million euros in the latest auction, half of what it asked in January.

The steelworks was put into bankruptcy a year ago when a workers union demanded overdue wages.(Bloomberg)